This week in DC real estate ...

• The gut feeling among real estate practitioners locally is that the market seems to be picking up ... and the numbers support that feeling (notwithstanding the condo market, which remains softer than in the recent past). Inventory of single-family properties and townhouses in some neighborhoods has dropped slightly, which is fueling a growing number of multiple-offer situations. There's no frenzy for good properties, but there is increased competition among buyers.
• We're even seeing multiple offers on properties that have been on the market for a really long time (six months or more). This defies logic, but it's happening often enough for real estate agents to take notice. I believe that this also points to a decrease in inventory.
• What does a real estate agent mean when she says a property is "priced right" but it's not selling? This question was raised in a recent sales meeting I attended with a large group of realtors. An agent with a very nice listing in the "upper brackets" --- over $1M --- lamented that the property was priced right but was worried that it hadn't sold. The problem? She'd used comps that were out of date and reflected the market 6 months ago. According to these comps, this house should have sold relatively quickly (it was priced in line with other listings sold in the area over the last half a year, was in great condition and in a lovely, sought-after neighborhood). The short answer is that the prices of 6 months ago were hyperinflated and don't reflect today's market. The solution is simple, the owner and agent probably need to reduce the listing price.
• Also noted by a very successful agent during the meeting I mentioned above, buyers in the upper brackets market are looking for a "WOW." If a house (be it in Georgetown, or Forest Hills, or Burleith) is dated or tired, buyers will pass it by. Proper staging, combined with great property condition, is KEY in a softening market.
• It appears that lots of sellers are holding off on putting their homes on the market (thus the slight decrease in inventory now) until the Spring. Because inventory has dipped, agents are beginning to advise prospective sellers to go ahead and get their homes on the market now --- to take advantage of this (possibly) momentary market.